The meal replacement shake market is experiencing substantial growth, projected to reach USD 5,189.6 million in 2024. With a moderate upward trend and a CAGR of 5.7% over the past decade, the market is expected to exceed USD 9,035.8 million by 2034. This growth highlights the increasing popularity of meal replacement shakes among health-conscious consumers.
Meal replacement shakes and products are becoming increasingly popular, particularly among consumers managing weight or diabetes, thanks to their convenience and nutritional advantages. The growth of the eCommerce sector is expected to further support this trend, with ready-to-drink shakes and protein bars emerging as favored options. Additionally, the shift toward vegan protein, driven by concerns over animal welfare, is boosting the demand for plant-based or vegan shakes.
Meal replacement shakes are popular among the working class, teenagers, hostel dwellers, and bachelors, as they are effective weight-loss tools for overweight or obese individuals with diabetes. The powdered meal replacement market is expected to continue growing in the next decade due to increasing global consumption by fitness enthusiasts.
North America’s market has the prime revenue share, with the United States leading the way. Asia Pacific is expected to witness a sales boost in India, China, Malaysia, and Thailand, with international companies establishing industrial facilities and small-scale companies leveraging emerging segments like non-GMO, sugar-free, soy-free, gluten-free, and vegan products.
Meal replacement shakes are considered to be calorie-controlled shakes that come in a prepackaged form. These are easily available in powder premixes or ready-to-drink forms.
These are fortified with vitamins and minerals to provide additional nutritional value. The rising focus of various manufacturers on the production of organic shakes is set to drive the global market.
The growing inclination of consumers towards short meals is compelling key players to come up with better-for-you, healthier meal replacement products. The rising entry of many start-up companies through e-commerce is another factor that is likely to accelerate the market.
Furthermore, the rising popularity of bottled energy drinks, celebrity endorsements, digital marketing, and eye-catching packaging are anticipated to drive high demand for meal replacement shakes in the future. The presence of these products in supermarkets and hypermarkets, accompanied by clear labeling that details their ingredients, is another crucial factor expected to boost market growth.
Key Takeaways from the Market Study
- The United States is experiencing significant growth in the meal replacement shake market, and it is anticipated to register a CAGR of 3.1%. This growth is driven by the growing preference for preventive health management practices.
- Germany’s market is expected to develop at a CAGR of 5.5%, driven by the growing preference for organic and vegan meal replacement drinks.
- China’s market is predicted to rise at a CAGR of 6.3%, driven by the focus on branding and collaboration among industry players.
- Japan’s market is expected to progress at a CAGR of 7.3%, driven by the aging population and rising obesity rates.
- India’s market is expected to expand at a CAGR of 8.1%, driven by the availability of variety of meal replacement shakes, along with rising online retail platforms.
Competitive Landscape in the Meal Replacement Shake Market
The market is highly competitive, with major players focusing on research and development, expanding distribution networks, innovating product ranges, and launching marketing initiatives. Emerging segments like sugar-free, vegan, gluten-free, soy-free, and non-GMO products are leveraging opportunities.
Key Companies in the Meal Replacement Shake Market
- Saturo Food GmbH
- Healthy Natural Solutions
- Amway
- Futricio
- Medisys Biotech Pvt. Ltd.
- Abbott Laboratories
- Nutrition and Santé SAS
- Organic, Inc.
- Herbalife Nutrition
- Perrigo Company Plc.
- Nouveau Medicament (P) Ltd.
- Trinkkost GmbH
- Damhert Nutrition
Recent Development in the Meal Replacement Shake Market
- In 2022, BOL Foods, a plant-based meal-oriented company, collaborated with Huel and Soylent to launch their new powder shakes in the meal replacement market.
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Key Segments
By Form:
- Powder
- Liquid
By Flavor:
- Vanilla
- Chocolate
- Mocha
- Berries (strawberry, raspberry, others)
- Other Flavors (Mint, Peanut Butter, Coconut, etc
By Distribution Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Stores
- Independent Grocery Retailers
- Specialty Food Stores
- Online Retail
- Other Retail Formats
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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